[Funding alert] B2B packaging marketplace Bizongo raises $30M in Series C funding
B2B packaging marketplacerecently announced its Series C investment of $30 million led by Switzerland-based hedge fund Schroder Adveq. Existing investors B Capital, Accel, Chiratae Ventures and IFC also took part in the financing round.
Earlier, Bizongo had raised $22 million as part of its Series B financing round in 2018 led by B Capital and IFC.
According to the startup, it will be deploying these funds to ramp up its technology platform and expand into newer segments.
Meanwhile, Bizongo also said that it has bolstered its leadership team with the addition of senior investment banking professional Tarun Soni as Chief of Staff and Ritu Ranade who took over as VP - Global Sales and Marketing. Vinothkumar Srinivasan, a veteran of Microsoft, Medlife among others, was elevated as VP-Engineering and Product.
Commenting on the closure of the Series C fundraising, Aniket Deb, Co-founder and CEO of Bizongo, said,
“We are very excited to have Schroder Adveq as an investor and at the same time, participation from all the existing investors gives us the vote of confidence that we are on the right track. The current round will further help us grow the business in a sustainable way. The funds will be deployed to ramp up technology, expand into newer sectors like pharma packaging, and increase Bizongo’s penetration across India.”
Founded in 2015 by three IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar, Bizongo designs, develops, and procures packaging solutions to cater to clients across various categories like e-commerce, FMCG, consumer durables using innovative, proprietary software products Design Square, Artwork Flow, and Procure Live.
Kabir Narang, General Partner and Co-Head of Asia at B Capital Group, said in a statement,
“B Capital is excited to deepen our partnership with Bizongo by participating in this funding round. We believe in the vision of the founders who are transforming and digitising the highly fragmented B2B packaging marketplace by leveraging technology and a unique supply chain efficiency solution. Bizongo has demonstrated strong momentum by continuing to add marquee clients and we have been impressed with the company’s rapid growth trajectory over the past year.”
Bizongo also designs and develops packaging for its clients thereby taking care of the entire packaging value chain. Another value-driven offering from Bizongo is Artwork Flow. It is a SaaS-based platform enabling digitsation of artwork management processes between teams.
Ranjith Menon, Executive Director, Chiratae Ventures said,
“Packaging industry is going through an interesting phase led by digital transformation and sustainability. Bizongo, with its technology-first approach, is very well positioned to take advantage of the changes that are occurring. Chiratae Ventures continues to be excited about the opportunity and back the team on their vision.”
Bizongo currently caters to clientele in sectors of e-commerce, retail, FMCG, FMCD companies operating in India.